The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-31
RumoRs ON THE STREET.
Serious statement with Regard 10
the Oregon and Transeonu-
mental Company.

INV YoRK, August 30.-The sub
stance Of the following appears con.
spicuously in the Sun this morning:
There Was practically an absence OF
distressing rumors in Wall street yes
terday and the change from last week
when the air was fairly laden with
reports OF impending disasters, wa.
grateful to nearly every one. The
most serious statement, however, wse
made in reference to the Oregon and
Trabscontinental Company, and was
to the effect that, through the specu.
lstions OF some Of Its drectorp, |. had
become saddled with 100000 Of
Ofegon Railway and Navigation bonde,
which increased its floating indebted.
ness to Sll 100000. This charge has
no basis In fact. The bonds referred
TO were part OF an ieHce sold to syn
dcs,e, and rs the Oregon Railway and
Navigation Company wanted the
money for them, pen ding the delivery
OF the bonds II borrowed the money
from the Oregon and Transc ontinental
Company, giving its notes for the
amount ana the bonds as collateral.
Granting that the Oregon aud Trsrs-
continental may have had TO borrow
some Of the money TO make this
transaction, II holds the notss and the
bonds 81 an asset against whatever La
bility 1t may have incurred on &c
cJunt OF ths transaction, snd Ia no
worse oh financially than II II had not
engsged in this piecl OF financit ring
Tue whole matter was properly within
the province OF the Oregon and Trans.
continental, which was formed TO
build and tipsncier the Northern Pa
ci6c and allied companies l may be
noted that on account Of its operations
In behalf oil the Northern Pacific COM
psny, II 10 now trying TO collect q
claim against that company OF about
s3,000,000. Its efforts to have this
claim adjusted are spoken Of by some
OF the Northern Pacific people an an
effort TO wreck that company. Wal
street would not have known much
about the attacks referred to had It's
attention not been called to them by q
comprehensive summary that was
published on Fhdsy morning by Kier.
mans News Agency. the mansgsr Of
which appears TO have been ignorant
Of that section Of the law relating 10
libel, which sets forth that the prevl.
Gus publication OF libel IN no
deiense for circulating the came. Mana.
ger William p. Sullivan, OF Kiernan's,
d0es not appear 10 have bsen alone
responsible ilr publishing tho matter,
20 far rs Wal street IL conc srned,
since he was instigA,ed or Induced TO
do ID by Director B'axlon ly,s, 81 the
Northern Pacific Railroad Company.
An investigation OF the relations Of
theee two persons 10 the wider and
more complete publication Of tho At
tack would reveal come interesting
facts. Since Wall street bias learned
OF the part Director Ives played In tie
matter, and has, In consequences OF the
row II has raifei, pro Auced copies OF
the entire article, the exprtssion Ia
very general that the literary work II,
10 cay the least, very close imi taiion
OF Director 1ves's style. II Ia alec r..
memhered that only q few months
ago Director Ives was clught prac,i.
cally In the act Of allirg The financial
column OF the Evening Pct
with misstatemerts calculated 10 de-
preciate the Oregon stocks Ftday's
effort was moresuccessful for II unq its
tionsbly helped knock 8 per cent. of
the price Of 0reeonT ransclntinental
and 3 per cent. from Oregon Railway
and Navigation. No ons can complain
that tho libel was not effective.
Naturally MIR. Bpylon IVes's per.
slstent attacks upon the 0feg1n c m.
panies and those Identified with them
have excited good deal OF interest IN
the street, ~ lyes 10 prominent IN tn,
management 81 the Stock Exchange
being an CT president and now
governor aud member of thu Law
Committee, aud also OF special com
milles that IL mqnirlng into th
causes Of the praeni dullnets a bus
ness on the exchasga